Douglas - comment

Douglas are looking to IPO as soon as this month with a full refinancing of the cap stack. Interestingly though, CVC are planning to inject another €300m in the process as opposed to partially exiting. The €1.1bn IPO proceeds will be mostly used to reduce leverage to 2.7x IFRS16 EBITDA. The call schedule drops a notch from April 15th, which is also the coupon date. The PIKs accrue a few days before. We have exited our positions and will be shelving the name following the IPO.